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The Architecture of CollapseThe Global System in the 21st Century$
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Mauro F. Guillén

Print publication date: 2015

Print ISBN-13: 9780199683604

Published to Oxford Scholarship Online: November 2015

DOI: 10.1093/acprof:oso/9780199683604.001.0001

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Complexity, Coupling, and the Great Recession

Complexity, Coupling, and the Great Recession

Chapter:
(p.75) 4 Complexity, Coupling, and the Great Recession
Source:
The Architecture of Collapse
Author(s):

Sandra L. Suárez

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199683604.003.0004

The Great Recession triggered by the financial implosion of 2008 originated in a corner of the U.S. financial sector, the largest in the world. The increasing complexity of large, diversified financial companies, and their tight coupling due to excessive leverage meant that reckless behavior on the part of managers and traders translated into huge losses that quickly became systemic. The crisis spread swiftly to other parts of the world due to the highly complex and tightly coupled nature of global trade, investment, and cross-border banking.

Keywords:   financial crisis, Great Recession, financial sector, diversified financial companies, leverage, systemic contagion, trade, investment, cross-border banking

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